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economy (noun) the system of production of goods and money and their use in a country; careful spending of money, time, etc., and avoiding waste.
The economy of a country is its financial position as determined by the production, availability, and use of money, goods, and services in it. The standard of living in a country is closely linked with its economy. We have the capitalist, socialist, etc., systems of economy.
- Proper planning and making provisions in allotment of funds for unforeseen eventualities and optimum use of resources makes for economy of time and money, as it reduces a lot of wastage.
- The economy of a country is believed to improve with large-scale industrialization and the use of advanced technology in farming.